The Trump administration and Wall Street's allies in Congress are looking to weaken or eliminate the Consumer Financial Protection Bureau. We can't let that happen.

You should be able to save, invest and manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your future. But as we've seen time and again, from Equifax to Wells Fargo, this isn't always the case. That’s why we need strong consumer protections in the financial marketplace.

We saw in 2008 what happens when Wall Street is allowed to engage in reckless, largely unchecked behavior. The financial crash and recession that followed made it clear how much we need fair, clear, transparent and enforceable rules to protect consumers. So we helped create an independent agency whose sole mission is to create and enforce those rules — the Consumer Financial Protection Bureau.

The CFPB Gets The Job Done

In just six years, the Consumer Bureau has been a huge success, returning nearly $12 billion to more than 29 million consumers wronged by companies that have broken the law. It has held big banks like Wells Fargo accountable for signing millions of customers up for fraudulent accounts without their knowledge. It has fined some of the big credit reporting agencies like Equifax for marketing fraud. And it has helped level the financial playing field, educating veterans, senior citizens, new homeowners, college students and low-income consumers on how to keep their finances secure.

The Consumer Bureau's success should be earning it applause in Washington, D.C. The idea that consumers deserve protection against fraud and other misleading practices is popular across the political spectrum.

Yet instead of cheering on the Consumer Bureau, the Trump administration and some members of Congress are pushing to weaken or even get rid of it. Last year, there were at least a dozen bills or resolutions against the CFPB, and the financial sector spent more than $2 billion during the 2016 election cycle trying to buy influence in Washington, D.C., through lobbying and campaign contributions — that’s more than $2.7 million a day.

In late 2017, the Trump administration appointed Office of Management and Budget Director Mick Mulvaney as "acting director" of the Consumer Bureau. Mr. Mulvaney has derided the very mission of the bureau, and his current actions are attempting to move the agency away from its mission.

This makes our work to fend off attacks in Congress all the more important. We need to make sure the agency continues to have all its tools and independence intact so that when a qualified director is eventually back in charge, they are able to carry out the agency's mission again and not have their hands tied behind their back.

President Trump's appointed CFPB Acting Director Mick Mulvaney has taken steps to weaken the bureau.

Official White House Photo by Evan Walker

Senators, Keep Our Cops On The Financial Beat

We’re calling on our senators to stop any bad bills that try to roll back or eliminate consumer protections, oppose any efforts to weaken the bureau by removing its independent funding, and only approve leaders to the bureau who are qualified and committed to its mission.

Our national network is working to keep a filibuster in the U.S. Senate by ensuring that Democratic senators defend the agency against all attacks this year. A filibuster is sustained with 41 initial votes against moving forward and applies to most legislation. In the case of the CFPB, this means legislation to get rid of the CFPB or change its leadership structure and funding would require 60 senators to agree to bring those bills up for a binding vote.

Even with the Consumer Bureau on the job, many people in our state are still at risk of reckless financial practices that threaten their homes, their retirement savings and their overall well-being. That’s why we don’t simply need the Consumer Bureau to exist: We need to make it even better by strengthening commonsense consumer protections, spreading the word about its success and potential, and defending it from constant attacks from Wall Street.

TAKE ACTION

Tell Congress: Don't Weaken The Consumer Bureau

Some proposals hidden in the budget would weaken the Consumer Bureau and remove critical consumer protections. Make your voice heard today.